7-Eleven PHL Q2 net income up 19% at P290M

7-Eleven operator Philippine Seven Corp. continued to reap the benefits of election-related spending and more stores operating in the second quarter of the year, growing its net income by 19 percent year-on-year.

In a filing on Monday, the company said its net income rose to P290 million in April to June this year from P243.6 million a year earlier.

System-wide sales grew by 22.0 percent to P8.116 billion from P6.651 billion.

The latest figures brought the first half bottom line to P472.3 million from P356.5 million, while sales rose 27.2 percent to P15.549 billion from P12.153 million.

"The improved financial performance was boosted by election-related spending in the first quarter and continued up to the second quarter," Philippine Seven told the stock exchange.

"The increase in sales can be attributed to the higher number of operating stores, which rose by 23.8 percent or by 335 stores. In addition, same store sales went up by mid-single digit during the period," it added.

The company opened 148 new stores during the semester ending June, for a total of 1,740 stores — 1,474 in Luzon, 203 in Visayas, and 63 in Mindanao.

Philippine Seven has earmarked P3.5 billion in capital spending this year, mainly to open new stores, renovate existing shops, and buy new equipment. — Jon Viktor Cabuenas/VDS, GMA News